NBD.
Also: TaxProf Blog and DB.
Method Man Hasn’t Spoken to His CPA in 3-4 Years
NBD.
Also: TaxProf Blog and DB.
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Illinois Tax Policy, Once Again, Fails to Impress
Known smartypants George Will took the state of Illinois to task over the weekend for their less-than friendly tax policy. He tells an anecdote of Tim Storm, a business owner that relocated his company to Beloit, Wisconsin from Rockton, Illinois which is a whopping five miles away. This was, at least in part, due to the state’s recently enacted “Amazon tax”:
Illinois, comprehensively misgoverned and ravenous for revenue, has enacted what has come to be called an “Amazon tax.” It requires Amazon and other online retailers to collect the state’s sales tax. Amazon and many other retailers responded by severing their connections with their Illinois affiliates.
Not only is GW all over Illinois’s decision to go after online retailers for sales tax, he also reminds everyone that the pols in the Land of Lincoln did a number on individual and corporate income tax rates:
In January, a lame-duck session of Illinois’ legislature — including 18 Democrats who were defeated in November — raised the personal income tax 67 percent and the corporate tax almost 50 percent. This and the increase — from 3 percent to 5 percent — in the tax on small businesses make Illinois, as the Wall Street Journal says, “one of the most expensive places in the world to conduct business.”
So as you can see, Illinois is on the ropes for its fiscal (mis)steps. Of course, Will isn’t the first person to call out the state for being a little tax happy, as Americans for Tax Reform was all over Illinois for this back in January. Of course, ATR managed to criticize the policy in a snarky Swede fashion as opposed to a bowtie-wearing polymathic diatribe. For obvious reasons, we’re partial to the former.
Understanding the §179D Tax Deduction for Humans, Part 2
Examining the effects of the Inflation Reduction Act on §179D Welcome to part two of […]
Don’t Think You Can Just Go Around Lying About the Taxpayer Protection Pledge and Not Expect Americans for Tax Reform to Have Their Feelings Hurt
A large portion of the populace probably thinks that Americans for Tax Reform president and co-founder Grover Norquist – and by extension, all of ATR – is an ideological, tax-hating, meanie. Sure, he tracks the bagels and coffee consumption at meetings and sure, he might let terrorists have their way with our grandmothers if the chips are down but that’s just holding true to his principles of austerity. Plus, he’s down with Elmo and gives the green light to cheeky blog posts, so you know he’s got a soft spot and a sense of humor.
So when someone says something mean about ATR or the Taxpayer Protection Pledge, it cuts. It cuts deep. And when someone running for public office has the audacity to lie about the Taxpayer Protection Pledge, that’s when things have simply crossed the line to the point of no return.
Case in point – Kate Marshall, who is running for Congress in Nevada’s 2nd District said the following about her opponent Mark Amodei:
“He signed a tax pledge which basically says no tax loopholes shall be left behind,” Marshall said. “He shall never turn down a subsidy, shall never close a loophole.”
Well, this little statement got a few knickers in a twist over at ATR and they pulled a quote from Factcheck.org to prove Marshall wrong:
ATR’s tax pledge does protect corporations in general — but only from an overall increase in taxes. It says nothing about jobs at all. More important, it does not rule out an overhaul of the tax code. Signers agree to oppose any “net” reduction of deductions or credits “unless matched dollar for dollar by further reducing tax rates.” […] That leaves ample room for elimination of any number of special tax breaks so long as the overall level of taxation is not increased. To claim that this “protects” any particular provision of the tax code is simply untrue.
So now, Grover and Co. would like Kate Marshall to apologize for this blatant disregard for the truth. This can be made in the form of a written apology, public statement, sending Grover a bouquet of flowers or – here’s a wild idea – how about SIGNING THE PLEDGE? That would probably smooth things over.
Kate Marshall Urged to Apologize for Lies About Taxpayer Protection Pledge [ATR]
Four special election candidates spar over taxes [LVS]